Point cloud registration is a fundamental and challenging problem for autonomous robots interacting in unstructured environments for applications such as object pose estimation, simultaneous localization and mapping, robot-sensor calibration, and so on. In global correspondence-based point cloud registration, data association is a highly brittle task and commonly produces high amounts of outliers. Failure to reject outliers can lead to errors propagating to downstream perception tasks. Maximum Consensus (MC) is a widely used technique for robust estimation, which is however known to be NP-hard. Exact methods struggle to scale to realistic problem instances, whereas high outlier rates are challenging for approximate methods. To this end, we propose Graph-based Maximum Consensus Registration (GMCR), which is highly robust to outliers and scales to realistic problem instances. We propose novel consensus functions to map the decoupled MC-objective to the graph domain, wherein we find a tight approximation to the maximum consensus set as the maximum clique. The final pose estimate is given in closed-form. We extensively evaluated our proposed GMCR on a synthetic registration benchmark, robotic object localization task, and additionally on a scan matching benchmark. Our proposed method shows high accuracy and time efficiency compared to other state-of-the-art MC methods and compares favorably to other robust registration methods.